---
kind: "section"
citation: "15 U.S.C. § 80a–63"
title: "15"
title_heading: "Commerce and Trade"
number: "80a–63"
heading: "Accounts and records"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/80a-63"
units:
  - "Chapter 2D — Investment Companies and Advisers"
  - "Subchapter I — Investment Companies"
---

# §80a–63. Accounts and records

- (a) **Exception for business development company—** Notwithstanding the exemption set forth in [section 80a–6(f) of this title](/usc/15/80a–6.md?p=f), [section 80a–30 of this title](/usc/15/80a–30.md) shall apply to a [business development company](/usc/15/80a–2.md?p=a-48) to the same extent as if it were a registered closed-end investment [company](/usc/15/80a–2.md?p=a-8), except that the reference to the financial statements required to be filed pursuant to [section 80a–29 of this title](/usc/15/80a–29.md) shall be construed to refer to the financial statements required to be filed by such [business development company](/usc/15/80a–2.md?p=a-48) pursuant to [section 78m of this title](/usc/15/78m.md).
- (b) **Risk factors statement; availability—**
  - (1) In addition to the requirements of [subsection (a)](#a), a [business development company](/usc/15/80a–2.md?p=a-48) shall file with the [Commission](/usc/15/80a–2.md?p=a-7) and supply annually to its shareholders a written statement, in such form and manner as the [Commission](/usc/15/80a–2.md?p=a-7) may, by rule, prescribe, describing the risk factors involved in an investment in the [securities](/usc/15/80a–2.md?p=a-36) of a [business development company](/usc/15/80a–2.md?p=a-48) due to the nature of such [company](/usc/15/80a–2.md?p=a-8)’s investment portfolio and capital structure, and shall supply copies of such statement to any registered [broker](/usc/15/80a–2.md?p=a-6) or [dealer](/usc/15/80a–2.md?p=a-11) upon request.
  - (2) If the [Commission](/usc/15/80a–2.md?p=a-7) finds it is necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of this subchapter, the [Commission](/usc/15/80a–2.md?p=a-7) may also require, by rule, any [person](/usc/15/80a–2.md?p=a-28) who, acting as principal or agent, sells a [security](/usc/15/80a–2.md?p=a-36) of a [business development company](/usc/15/80a–2.md?p=a-48) to inform the purchaser of such [securities](/usc/15/80a–2.md?p=a-36), at or before the time of sale, of the existence of the risk statement prepared by such [business development company](/usc/15/80a–2.md?p=a-48) pursuant to this subsection, and make such risk statement available on request. The [Commission](/usc/15/80a–2.md?p=a-7), in making such rules and regulations, shall consider, among other matters, whether any such rule or regulation would impose any unreasonable burdens on such [brokers](/usc/15/80a–2.md?p=a-6) or [dealers](/usc/15/80a–2.md?p=a-11) or unreasonably impair the maintenance of fair and orderly markets.

## Source credit

(Aug. 22, 1940, ch. 686, title I, § 64, as added Pub. L. 96–477, title I § 105, Oct. 21, 1980, 94 Stat. 2289; amended Pub. L. 104–290, title V, § 507, Oct. 11, 1996, 110 Stat. 3446.)

## Notes

### Editorial Notes

### Amendments

1996—Subsec. (b)(1). Pub. L. 104–290 inserted “and capital structure” after “portfolio”.